CUSTOMER SATISFACTION AND ITS IMPLICATION ON BANKS PERFORMANCE IN NIGERIA

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CUSTOMER SATISFACTION AND ITS IMPLICATION ON BANKS PERFORMANCE IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

It is believed that the goal of every organization is to meet the needs and the requirements of its stakeholders. Meeting the needs and the requirements of the stakeholders will not only ensure the survival of the organization but also allow it to flourish. Customers are presumed to be one of the most important stakeholders in any organization because without them, organizations are not likely to succeed. Hence, marketers emphasize on research in the area of consumer behaviour and particularly behavioural intention. Knowledge of consumer behaviour will go along way in ensuring effective marketing policies towards the interest of customers which will eventually facilitates positive customer attitude towards the organizations. More especially, since customer behavioural intention is a strong indication of his actual behaviour

As a result of financial sector liberalization in Nigeria in the 1980s, the banking sector experienced a boom. Low entry requirements by the regulatory authority and the high premiums that could be earned through foreign exchange business led to the quick entry by new players into the lucrative banking industry. Between the period of 1985 and 1993 the number of licensed banks rose astronomically from 41 to 120 (Central Bank of Nigeria, 2015). And this led to the increase of the sector’s contribution to GDP and employment. Given that banks are important constituents of the sector, it can therefore be argued that banks in Nigeria contribute significant percentage of the country’s GDP in the recent past. (Adeoye, 2017). For instance, the sectoral reconstitution of service industry to the growth of GDP for 2004, 2005, 2006, 2007 and 2008 were 8.8, 8.0, 9.2, 9.9 and 10.5 respectively (CBN, 2009) The importance of the Nigerian banking sector does not limited to Nigeria alone but also spill over to most. This significant contribution of the services industry and specifically banking sector in Nigeria really warrant investigation in order to enhance the sector’s continuous growth which will eventually result in the better performance of the economy It is however noted that one of the ways through which banks can meet the expectations of their customers who are the back-bone of the banks’ business is via the understanding of the customers’ behaviour.

1.2 STATEMENT OF PROBLEM

Over the years in developing economy like Nigeria banks are faced with the problem of distress lack of public confidence, inability of banks to meet up with customers satisfaction in terms of granting of credit facilities spending an average time in the bank halls for transactions, inadequate capital base, etc. the researcher is of the view to carryout an investigation into these remote causes of banks inability to meet up with customers needs and requirements and how this had affected the banks performance over the years, after this investigation the result from this study should be able to proffer to solutions to banks inability to satisfy their customers in Nigeria, hence how to impress its performance through total quality management.

1.3 RESEARCH QUESTIONS

i. To what extent does quality of service in the bank affects its performance?

ii. What is the relationship between customer’s level of loyalty and performance?

iii. How does customer’s satisfaction and impacts on bank performance?

1.4 OBJECTIVES OF THE STUDY

i. To ascertain the extent of relationship between service quality and bank performance

ii. To examine if there is a positive relationship between customer’s level of loyalty and performance.

iii. To find out how quality customer satisfaction affects bank performance

1.5 RESEARCH HYPOTHESES

In order to achieve the stated objectives of this study, the following hypotheses are formulated:

Hypothesis One

HI: There is a positive relationship between service quality and bank performance

HO: There is no positive relationship between service quality and bank performance

Hypothesis Two

HI: There is a positive relationship between customer level of loyalty and bank performance

HO: There is no positive relationship between customer level of loyalty and bank performance.

Hypothesis Three

HI: There is a positive relationship between customer satisfaction bank performances.

HO: There is no positive relationship between customer satisfaction bank performances.

1.6 SIGNIFICANCE OF THE STUDY

This research work will attempt to examine the performance of bank in Nigeria. The significance of this study is to examine the extent to which bank performance has geared up the growth of the Nigeria economy through loan and advances for investment. Hence, the research is interested in the effect of the customer’s satisfaction and dissatisfaction, characteristics of service, assessment and measurement of customer’s satisfaction in bank for more clarity of the study.

1.7 SCOPE OF THE STUDY

This study covers customer’s satisfaction in bank performance. A sample of sixty (60) was taken from the total population of the study. This study was conduct amongst staffs of a selected bank in Benin City to know how customer’s satisfaction has implication on bank performance for a period between 2010 – 2013.

1.8 LIMITATION OF THE STUDY

In carrying out research work, a number of constraints have militated against this research work. Every human endeavour is said to be limited by some factor and this research work is not on exceptional to the rule. There was low response rate. There was difficulty in obtaining information from respondent as they often referred to height schedule and fatigue in fitting the questionnaire. This being that the researcher cannot administer the questionnaire to other respondent form other part of the country.

1.9 Definition of Terms

Organization: This is a social unit of people that is structured and managed to meet a need or to pursue collective goals.

Stakeholders: These are persons or group or organization that has interest or concern in an organization.

Customer’s Satisfaction: A business term, is a measure of how products and services supplied by a company meet or surpass customer.

Brand Loyalty: When consumers become committed to your brand and make repeat purchases over time.

Profitability: This is the primary goal of all business ventures. Without profitability, the business will not survive in the long run. It is measured with income and expenses.

Competition: The existence within a market for some good or service of a sufficient number of buyers and sellers such that no single market participant has enough influence to determine the going price of the good or service.

Defensive Strategy: A management approach designed to reduce the risk of loss.

Service Quality: An assessment of how well a delivered service conforms to the clients expectations.

Reliability: The ability of a system or component to perform its required functions under stated conditions for a specified period of time.

Empathy: This is the capacity to recognize emotions that are being experienced by another sentiment or fictional being.

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